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Tuesday, August 25, 2009

THE SEC AND CFTC TO HOLD JOINT MEETINGS ON HARMONIZATION OF REGULATION

In June 2009, the Obama administration released its White Paper on Financial Regulatory Reform, which called on the SEC and CFTC (“Commodity Futures Trading Commission”) to “make recommendations to Congress for changes to statutes and regulations that would harmonize regulation of futures and securities.” On August 20, 2009, in accordance with the Obama administration’s recommendations, the two agencies announced that they will hold joint meetings to discuss assessments of the current regulatory scheme, harmonization of the agencies’ rules, and recommendations for changes to statutes and regulations. SEC Chairman Mary Schapiro said she hopes the joint meetings will help “increase transparency, reduce regulatory arbitrage and rebuild confidence in our markets.”

The meetings, which will be held on September 2-3, 2009, will consist of five panels and will cover a wide range of topics, including the regulation of exchanges and markets; the regulation of intermediaries; the regulation of clearance and settlement; enforcement; and the regulation of investment funds.

For more information on the joint meetings, please see the Meeting Notice.

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